Published On: Sun, Jul 8th, 2018

Bank of Israel Governor Karnit Flug will not seek second term

Karnit Flug informs PM Netanyahu that she does not intend to stand as a candidate for an additional term as Governor of the Bank of Israel.

Governor of the Bank of Israel Dr. Karnit Flug notified the Prime Minister that she does not intend to stand as a candidate for an additional term

Bank of Israel Governor Dr. Karnit Flug spoke with Prime Minister Binyamin Netanyahu and informed him that she has decided not to stand as a candidate for an additional term as Governor of the Bank of Israel.

Dr. Karnit Flug’s five-year term in office will end, by law, on November 12, 2018.

In a letter that the Governor submitted to the Prime Minister, she noted, among other things, that “I was privileged to head an organization of the highest quality, which works with professionalism, dedication, and loyalty, and that on a daily basis lives up to the vision it set for itself—to be among the most advanced central banks and to contribute to the prosperity of Israel and the welfare of its citizens. This is not the time for summing up, but I can already say that I will end my tenure with a feeling of great satisfaction, as the Bank of Israel has a marked role in the robust state and the stability displayed by Israel’s economy in recent years, as well as in the analysis and the promotion of discussion regarding the considerable challenges we will face in the coming years.”

The Governor emphasized that she will continue to lead the Bank of Israel in all of its functions, particularly the conduct of monetary policy, until the day her term ends and the term of the next Governor begins.  

Flug has held the position since November 2013 after 112 days of the central bank being left leaderless. She replaced Stanley Fischer who left his position on June 30. Fischer recommended that Flug be next for the job but Netanyahu had first opposed her appointment. He proposed the position to Jacob Frenkel, former governor of the bank for the job instead. Unfortunately, Frenkel was not eligible for the distinguish position after he had been detained at the Hong Kong airport on suspicion of shoplifting.

Flug has been the first female governor of the Bank of Israel. 

 

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